■ EOS price started a fresh decline after it failed to clear $1.150 against the US Dollar.
■ The price is now trading below $1.00 and the 55 simple moving average (4 hours).
■ There is a declining channel forming with resistance at $0.770 on the 4-hour chart of the EOS/USD pair (data feed from Coinbase).
■ The pair could continue to decline if it stays below the $0.775 and $0.80 resistance levels.
EOS price is struggling below $1.00 against the US Dollar, unlike Bitcoin. The price might attempt to recover if there is a clear move above $0.80.
EOS Price Analysis
In the past few days, EOS price saw a fresh decline from the $1.150 resistance against the US Dollar. The price traded below the $1.10 and $1.00 levels to move into a bearish zone.
The pair even declined below the $0.850 support zone. Finally, the bulls appeared near the $0.660 zone. A low was formed near $0.6595 and the price is now attempting a recovery wave. There was a move above the $0.700 and $0.715 resistance levels.
The price tested the 23.6% Fib retracement level of the downward move from the $1.1506 swing high to the $0.6595 low. EOS is now trading below $0.80 and the 55 simple moving average (4 hours). It is facing resistance near the $0.770 zone.
There is also a declining channel forming with resistance at $0.770 on the 4-hour chart of the EOS/USD pair. The next resistance is near the $0.80 zone. If there is a recovery wave, the price might struggle near the $0.800 zone.
The next resistance is near the 50% Fib retracement level of the downward move from the $1.1506 swing high to the $0.6595 low at $0.90. A clear move above the $0.90 level could start a steady increase toward the $1.00 level. Any more gains might send the price toward the $1.150 level.
On the downside, immediate support is near $0.70. The next key support is near the $0.660 level. If there is a downside break below the $0.660 support, the price could test the $0.620 support in the near term.
Looking at the chart, EOS price is now trading below the $0.80 level and the 55 simple moving average (4 hours). Overall, the price could continue to decline if it stays below the $0.7750 and $0.800 resistance levels.
Technical indicators
4 hours MACD – The MACD for EOS/USD is losing pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Major Support Levels – $0.700 and $0.660.
Major Resistance Levels – $0.7750 and $0.800.
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